Explain why a long-run supply curve might slope upward.

Q: Sketch a supply curve that represents the supply of salt in the short run. Explain your diagram? Add…

A: According to law of supply, the quantity supplied and the price is positively related keeping other…

Q: Factors that cause the short-run supply curve to change are factors that affect

A: In the short run supply can be able to change with limited resources.

Q: Explain the logic that guides the construction of a linear supply function.

A: The market supply curve is the supply curve combined of all the goods at various prices available,…

Q: At that price ($3), what is the profit that Farmer Johnson earns in the short- run? (Please enter…

A: Total cost = Average total cost * quantity Total revenue = Price * quantity Profit = Total revenue -…

Q: Explain the concept of supply curve? Show the relationship between the Short run supply curve and…

A: The supply curve is a graph that shows the relationship between the cost of a commodity or service…

Q: Place the orange line (square symbol) on the following graph to show the most likely short-run…

A: Below shows the short-run supply curve as follows:

Q: Why can't firms enter the market in the short-run?

A: There are various types of market structures which have different characteristics of the number of…

Q: What are the similarities and differences between a short-run supply curve and a short-run market…

A: Supply is the quantity seller are  willing to sell at certain time and place .  And supply curve…

Q: Why would a firm that incurs losses choose to produce rather than shut down

A: Shut down point refers to the point where the firm stops its production process. It is the point…

Q: Suppose that WebMD claims that a protein found in chicken will increase your expected lifespan by 3…

A: A) More Producing more chicken and earning positive economic profit The demand will rises because…

Q: Why is it important for managers to understand the mechanics of supply and demand both in the short…

A: The terms "long run" and "short run" do not relate to a specific time period like three months or…

Q: In the short run, each firm experiences a loss of $

A: We know , Profit = TR - TC  TR = Price * Quantity TR = 100 *50 TR = 5000 ATC = TCQ TC = ATC * Q  TC…

Q: Place the orange line (square symbol) on the following graph to show the most likely long-run supply…

A: The long-run is the more elastic period in the short run as the producer can adjust the factors of…

Q: Why would a firm that is making loss in the short-run choose to operate rather than shut down?

A: A short run is a time period in which a firm incurs both fixed cost and variable cost. A long run is…

Q: In the short run, firms wil, In the long run, the supply curve wil On the preceding graph, show the…

A: The constant cost industry is the industry; the exit of the firm will not affect the input prices of…

Q: Place the orange line (square symbol) on the following graph to show the most likely short-run…

A: The Short-Run Supply curve for apricots is shown by the orange line.

Q: Economists assume that by pursuing a strategy of cost minimization of production, most firms try to…

A: Expansion path shows the cost minimizing input mix  (K and L) of the firm plotted on both sides of…

Q: The following events have occurred in the history of the United States: A deep recession hits the…

A: Answer - Analyzing the different scenario and there effect on there different economic variables -…

Q: short-run market

A: In the short run, the firm will shutdown and the firm is not able to cater its  variable costs.…

Q: Explain why profit is greatest at this rate of output If fixed costs were $10 higher than those…

A: Producers objective is to maximize his or her profit . And The profit gets Maximized at the level of…

Q: Explain the following quotations; 1. " Greater production is not tantamount to greater profit" 2.…

A: In the field of economics, it is assumed that firms work towards maximizing profits. The profits of…

Q: In reality, the long run supply curve tends to be: Multiple Choice upward sloping downward sloping…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: In the long run, do we expect more firms or fewer firms in the t-shirt market or does the market…

A: The T-shirt market is the monopolist market where are a large number of buyers and fewer seller are…

Q: (Figure: Interpreting Short-Run Supply Curves) Based on the graph, which of the curves would MOST…

A:

Q: Suppose that the demand for the product decreases. Arrange the events in the order in which they…

A:

Q: The following graph shows the short-run supply curve for pears. Place the orange line (square…

A: There used to be differences in the short-run and long-run supply curve due to changes in the nature…

Q: As of 2019, the US department of agriculture (USDA) did not have detailed guidelines for egg farmers…

A: The fixed cost of production refers to the aggregate of costs that are incurred on the procurement…

Q: The following graph shows the short-run supply curve for pears. Place the orange line (square…

A: Supply curve is an upward sloping curve. It shows positive relationship between price and quantity…

Q: In the long run, some firms will respond by until Shift the demand curve, the supply curve, or both…

A: If the CDC announces that tuna causes bacterial infection, it will alter the preferences of the…

Q: n the long run, some firms will respond by Shift the demand curve, the supply curve, or both on the…

A: If the CDC announces that Chicken causes bacterial infection, it will alter the preferences of the…

Q: Legendary for his business and investment acumen, Warren Buffett is frequently called the “Oracle of…

A: Elaborating the statement of the buffet, A producer operating at a higher cost cannot sustain itself…

Q: What is most likely to increase the total output of a firm in the short run? A a rise in the length…

A: Hi! Thank you for the question. As per the honor code, We’ll answer the first question since the…

Q: Explain Drivers of New Supply Chain Systems and Applications?

A: The Supply Chain Systems and Application consists of five major drivers, and each one of these…

Q: Briefly define the short run and long run supply curve?

A: The supply curve is a graphical representation that describes the relationship between the price and…

Q: Describe the situations under which a firms capacity must lag and lead to the demand ?

A: In a Market, a firm produce output to meet the market demand and to satisfy consumers' needs and…

Q: Distinguish between short-run and long-run supply curves.

A: Short run refers to a period of time during which some manufacturing elements are constant while…

Q: On the graph the supply in the Rest of the World has shifted from Sstart to S2 and the market in the…

A: For answering this question, we will analyse each of the given options separately.

Q: In the short run, firms will In the short run, the supply curve will On the previous graph, show the…

A: A perfectly competitive firm can adjust in the long run to changes in market demand for the…

Q: The following graph shows the long-run supply curve for persimmons. Place the orange line (square…

A: "Supply curve for a product depicts a positive relationship between the price of the product and…

Q: A firm operating in a competitive market will stay in business in the short ru as

A: Total cost: The sum of variable cost and fixed cost is called the total cost.  Total Cost = Fixed…

Q: Describe the two conditions necessary for attaining equilibrium for a firm in the shortrun.

A: 1. MR = MC This is a necessary but not sufficient condition.

Q: Determine whether each of the statement is true, false, or uncertain. If the statement is false or…

A: Economies of scale means production at large which reduces the per unit cost of firm .

Q: If the firms in a market have accounting profits that are larger than their implicit costs, then, in…

A: Answer: If the firm has accounting profit larger than the explicit cost it means the firm is earning…